Sugar climbed for a fourth day in New York, the longest winning streak since October, on speculation port congestion will delay exports from Brazil, the world’s largest grower. Coffee also advanced.
As many as 202 vessels were waiting to load corn and soybeans at Brazil’s main ports as of yesterday, up from 188 ships a week earlier, data from SA Commodities and Unimar Agenciamentos Maritimos show. More grains and oilseed being loaded may delay sugar shipments.
“The grain and oilseed shipping needs are impacting Brazilian logistics and the ability and costs to move sugar,” said Keith Flury, an analyst at Rabobank International in London.
Raw sugar for May delivery gained 0.3 percent to 18.26 cents a pound by 11:27 a.m. on ICE Futures U.S. in New York. White sugar for May delivery was up 0.3 percent at $519.60 a metric ton on NYSE Liffe in in London.
Raw sugar for May delivery become more expensive than the futures for July yesterday, a so-called backwardation which may signal limited supplies. The May contract was 0.04 cent a pound more expensive today, after being at a discount of 0.06 cent on March 5.
Cocoa for May delivery climbed 0.1 pecent to $2,043 a ton in New York and was also up 0.1 percent in London.
Arabica coffee for delivery in May rose 0.5 percent to $1.4195 a pound on ICE. Robusta for delivery in May was up 0.6 percent at $2,126 a ton on NYSE Liffe.
To contact the reporter on this story: Isis Almeida in London at Ialmeida3@bloomberg.net
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